News Release

This past weekend, Gov. Bill Richardson abruptly withdrew from consideration as Secretary of Commerce in President-elect Barack Obama's cabinet. Richardson has a history of strong support from people involved in the finance, insurance and real estate industries. An analysis of his state-level political donors by the National Institute on Money in State Politics has found that people with ties to that economic sector contributed more than $4.5 million to Gov. Bill Richardson's two gubernatorial campaigns.

"While it's not uncommon for people who have been in influential positions to have these types of relationships," said Edwin Bender, executive director of the Institute, "it is extremely important for the public to know about the relationships, and for Richardson to understand that his actions will be considered in light of his political donors.

"Transparency is the only way to gain the trust of the people he represents."

Donors with ties to general business, and lawyers/lobbyists, each gave more than $2 million, the study found, and more than $1 million each came from those connected to energy and natural resources, labor, and health.

Recent news reports have focused on an ongoing federal probe into a possible relationship between donations made by David Rubin, president of the California-based CDR Financial Products (formerly Chambers, Dunhill, Rubin and Co.), and contracts awarded to CDR by the state of New Mexico. In 2004, CDR received two state contracts worth $1.48 million from the New Mexico Finance Authority related to a bond program to fund transportation projects. Records show that since 2003, Rubin/CDR has donated a total of $120,000 to Richardson PACs and election campaigns.